PM Supports Chamber for Highest Business Role

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Prime Minister Thongloun Sisoulith has expressed his full support for the Lao National Chamber of Commerce and Industry (NCCI) to serve as the highest body in the mobilisation of potential for the country’s development.

The PM offered his support in response to the proposal of the NCCI when speaking to business people at the seventh plenary meeting of the LNCCI held in Vientiane on Friday.

The LNCCI, with its new executive committee led by Mr Oudeth Souvannavong, decided to submit the proposal to the government.

“Let’s see the LNCCI be confident in receiving this title with pride. And please, the LNCCI must follow up with the required work to deserve this highest role,” PM Thongloun stated.

As the result of the meeting, the LNCCI has vowed to be an actor in attracting domestic and foreign investments to implement government development projects and promote legal business operations.

The LNCCI, provincial chambers, business associations, and business groups have promised to continue assisting the government in the oversight of the activities of business operators throughout the nation, as well as the collection of information on important businesses so as to participate in building national statistics as a reference for economic assessments and development in the country.

Mr Thongloun said he appreciated the work done by the LNCCI, especially the provision of information to the government, as well as its participation in the development of laws and regulations related to business management.

He also praised the business people, who he said became more creative in doing their jobs and providing assistance to residents engaged in commercial production.

Meanwhile Mr Thongloun stressed the importance of close cooperation between the government and the business sector, with strong coordination that aims at ensuring consultation on every challenge and difficulty faced.

“We, the government and the private sector have to paddle together on our only boat named the Lao PDR, and see it float along the midstream, not hitting high waves, rapids or underwater rocks, but reaching the desired destination,” he said.

The prime minister reminded the audience about the situation of socio-economic development in the last three months of the transition from the fiscal year 2015/16 to the new fiscal year as calendar year 2017, which he said has seen an increase in revenue from customs levies and is expected to be in surplus by the end of this month.

This was achieved from the use of several stricter measures in relation to the levies, Mr Thongloun said, referring to a report from the related sector, which he received in the morning.

The revenue from taxes will reach not lower 90 percent of the target plan, according to him, noting that this is because the sources for some taxation remained unclear.

Mr Thongloun also mentioned investors having more confidence in their business operation, pointing to the recent approval of the amendment of the Law on Investment Promotion by the National Assembly as a factor.

He stressed that business operators, including state enterprises, need to fulfil their obligations to the state. The PM pushed for business people to be frank in terms of opening for any feedback and assessment so they know what they need to improve.

“The good businessmen want someone to assess them so as to show them what they have to improve,” PM Thongloun said.

He told the businessmen that he and the ministers had paved the way for the National Assembly to assess them through secret vote, and that the vote will be made openly in the future.

 

Source: Vientiane Times

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